How to Price Your Home Like a Savvy Seller
First, let's think like an appraiser, because bottom line, they will have the last say! Appraisers have a complex system for determining home value, which accounts for the home's condition as well as the values of similar houses in the areas. Use this site as a resource to get the latest sold listings in Lake of the Woods, VA so you can stay savvy like the rest of us and make the most out of your investment!
Home pricing is more of a science than an art, but many homeowners price with their heartstrings instead of cold, hard data. Smart sellers know that crunching the numbers is always the better route to an accurate home price. Here’s how they do it.
4 things home sellers do when pricing their homes.
Avoid Overpricing
You lose a lot of time and money if you don’t price it right. It's hard to remove the sentimental value and look at the hard data for some seller's. Times are changing and some buyer's are looking for main level living or a multi-generational homes to fit the entire families' needs. So look to the facts of what is being sold and what buyer's are out there. Also take into consideration when you are listing your home. Generally speaking, in the middle of the summer, the market can get saturated meaning some seller's will have to adjust their price to stay competitive.
Another culprit for many misrepresented home values is online tools, like Zillow’s “Zestimate”, that prescribe an estimated market value based on local data. For example, In Lake of the Woods VA, the local data collected doesn't always take into consideration whether you have waterfront, golf-course access which can be an added value and luxury. These estimates can be wildly inaccurate so use these online values as a tool but also integrate the actual sold data of your neighborhood into the final decision for pricing your home.
Don't Expect Dollar-for-Dollar Returns
Major remodels and additions can inflate the square footage and the price without accounting for the surrounding neighborhood. That can create a disconnect for buyers: Wealthier ones who might be interested in the upgraded home disliked the neighborhood, and less affluent buyers couldn’t afford the asking price. That’s not to say that renovations aren’t worth it. You want to enjoy your home while you’re in it, absolutely! Smart renovations make your home more comfortable and functional but should typically reflect the neighborhood.
Use Comparable Sales / Neighborhood Home Values
Of course, the best pricing strategy is to consult a local real estate agent. These professionals have access to the MLS/ listing database and can provide you the results on what is currently on the market, what is under contract and what has recently sold. They’re not just looking at your neighbors; they’re seeking out near-identical homes with similar floor plans, square footage, and amenities that sold in the last few months. They can make an accurate estimate of what you can expect to receive for your home.
Realtors can provide you this information and help you to determine a fair price that’ll entice buyers. Keep in mind, the number might be less than you hope and expect, but by listing your home correctly (not idealistically), this is a sure way to avoid the aches and pains of a long, drawn-out listing that just don’t sell.
Adjust the Price When Needed
Once your home is on the market, you’ll start accumulating the buyers reactions and feedback to your home and price. If you don't see a lot of showings in a neighborhood where the buyer's are looking, you may be overpriced. When it comes to finding a buyer for your home, pricing it according to data is crucial to making the sale. This is the most accurate information available. What could come in to play that the buyer's want: more updates, location, main level living, basements and amenities.
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$249,0003 Beds, 2 Baths1,160 sqftListing provided by Tina McElroy, Century 21 Redwood RealtyMLS VAOR200248218 Days on Market
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$295,0003 Beds, 2 Baths1,236 sqft lot 15,682 sqftListing provided by Garlene Daniel, Montague, Miller & CompanyMLS VAOR200239425 Days on Market
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6 Beds, 4 Baths3,695 sqft lot 26,136 sqftListing provided by Lauren Cotton, EXP Realty, LLC.MLS VAOR200237819 Days on Market
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$995,0004 Beds, 3 Baths4,040 sqft lot 18,296 sqftListing provided by Lisa Ducibella, Coldwell Banker RealtyMLS VAOR200238223 Days on Market
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$320,0003 Beds, 2 Baths1,727 sqft lot 12,197 sqftListing provided by Lauren Cotton, EXP Realty, LLC.MLS VAOR200218825 Days on Market
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$326,0003 Beds, 2 Baths1,484 sqftListing provided by Michelle Goss, Plank RealtyMLS VAOR200234425 Days on Market
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$472,0004 Beds, 3 Baths3,060 sqft lot 14,811 sqftListing provided by John Licata, EXP Realty, LLC.MLS VAOR200228245 Days on Market
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$400,0004 Beds, 3 Baths2,200 sqft lot 16,553 sqftListing provided by Lauren Cotton, EXP Realty, LLC.MLS VAOR200222441 Days on Market
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0 Beds, 0 Bathlot 19,167 sqftListing provided by Ruthan O'Toole, Century 21 Redwood RealtyMLS VAOR200226624 Days on Market
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$565,0003 Beds, 2 Baths1,656 sqft lot 16,118 sqftListing provided by David Brewer, Berkshire Hathaway HomeServices PenFed RealtyMLS VAOR200224423 Days on Market
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$465,0003 Beds, 2 Baths2,136 sqft lot 22,652 sqftListing provided by Non Member, Non Subscribing OfficeMLS VAOR2001904N/A Days on Market
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$355,0004 Beds, 3 Baths2,690 sqftListing provided by Jose Vedia, Move4Free Realty, LLCMLS VAOR200227636 Days on Market
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$265,0003 Beds, 2 Baths1,354 sqft lot 16,553 sqftListing provided by Lauren Cotton, EXP Realty, LLC.MLS VAOR200218639 Days on Market
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$272,5002 Beds, 2 Baths892 sqftListing provided by DeAnna Hamn, 1st Choice Better Homes & Land, LCMLS VAOR200213239 Days on Market
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$230,6902 Beds, 1 Bath900 sqftListing provided by Sheli Schneider, Samson PropertiesMLS VAOR200221814 Days on Market
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$360,0004 Beds, 3 Baths2,800 sqft lot 15,682 sqftListing provided by Rogelia Hernandez, KW Metro CenterMLS VAOR200223035 Days on Market
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$1,275,0004 Beds, 3 Baths2,433 sqft lot 22,652 sqftListing provided by Katherine Merritt, Coldwell Banker EliteMLS VAOR200216838 Days on Market
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2 Beds, 2 Baths1,342 sqft lot 13,504 sqftListing provided by James Bauslaugh, INK Homes and Lifestyle, LLC.MLS VAOR200217838 Days on Market
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$399,9004 Beds, 2 Baths2,171 sqft lot 14,811 sqftListing provided by Lauren Cotton, EXP Realty, LLC.MLS VAOR200211860 Days on Market
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$303,0003 Beds, 2 Baths1,068 sqftListing provided by Linda Collins, Berkshire Hathaway HomeServices PenFed RealtyMLS VAOR200216665 Days on Market
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$558,0004 Beds, 3 Baths1,860 sqft lot 14,811 sqftListing provided by INA BALANENCO, Berkshire Hathaway HomeServices PenFed RealtyMLS VAOR200217244 Days on Market
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$302,0003 Beds, 2 Baths1,152 sqft lot 20,474 sqftListing provided by Marc Harbour, Burrell RealtyMLS VAOR200215250 Days on Market
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$316,5003 Beds, 2 Baths1,496 sqftListing provided by Charles Ostlund, Coldwell Banker EliteMLS VAOR200212039 Days on Market
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$245,0003 Beds, 3 Baths2,066 sqftListing provided by Amy Adams, INK Homes and Lifestyle, LLC.MLS VAOR200212619 Days on Market
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$850,0004 Beds, 3 Baths3,096 sqftListing provided by Jo-Anne Lambert, United Real Estate Premier, Inc.MLS VAOR200212233 Days on Market
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$321,0003 Beds, 3 Baths1,568 sqftListing provided by Leonor LaCosta, Keller Williams Capital PropertiesMLS VAOR200209849 Days on Market
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$300,0003 Beds, 2 Baths1,540 sqftListing provided by Vicki Thompson, Samson PropertiesMLS VAOR200210233 Days on Market
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$465,0004 Beds, 3 Baths1,984 sqft lot 15,246 sqftListing provided by Alexander Belcher, Belcher Real Estate, LLC.MLS VAOR200209449 Days on Market
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$325,0003 Beds, 2 Baths1,624 sqft lot 10,455 sqftListing provided by Jeffrey Edmisten, Coldwell Banker EliteMLS VAOR200207843 Days on Market
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$380,0004 Beds, 3 Baths2,772 sqftListing provided by Vicki Thompson, Samson PropertiesMLS VAOR200208864 Days on Market
All listing data, including, but not limited to, square footage and lot size is believed to be accurate, but the listing agent, listing broker and respective Multiple Listing Services and their affiliates do not warrant or guarantee such accuracy. Therefore, all data should be personally verified through personal inspection by and/or with the appropriate professionals. Listing data last updated 5/25/22 8:49 AM PDT.
The listing information on this web site is from various brokers who participate in IDX.
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